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Matt Plank

๐Ÿ‘ค Speaker
645 total appearances

Appearances Over Time

Podcast Appearances

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

And so it's generally, I'd say maybe 10, 15, 20% of the original contract, like the year one contract, or thinking of the commission rate, I guess the right way to think about it.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

And so it's generally, I'd say maybe 10, 15, 20% of the original contract, like the year one contract, or thinking of the commission rate, I guess the right way to think about it.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

The first big mistake that people make around, you know, discounting is they're, they offer a time-based discounts before they even understand if somebody can possibly move that fast, which is like a terrible experience, both for like you, because you have no leverage once you've like thrown it out there. And then for the, for the customer, it just like, it feels awkward. It doesn't make sense.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

The first big mistake that people make around, you know, discounting is they're, they offer a time-based discounts before they even understand if somebody can possibly move that fast, which is like a terrible experience, both for like you, because you have no leverage once you've like thrown it out there. And then for the, for the customer, it just like, it feels awkward. It doesn't make sense.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

The first big mistake that people make around, you know, discounting is they're, they offer a time-based discounts before they even understand if somebody can possibly move that fast, which is like a terrible experience, both for like you, because you have no leverage once you've like thrown it out there. And then for the, for the customer, it just like, it feels awkward. It doesn't make sense.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

So the first thing you have to do is understand from somebody upfront, like in the first call, what is your ideal timeline? And the way we talk about that, I was like, look, You're obviously evaluating rippling. You've described these pain points up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

So the first thing you have to do is understand from somebody upfront, like in the first call, what is your ideal timeline? And the way we talk about that, I was like, look, You're obviously evaluating rippling. You've described these pain points up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

So the first thing you have to do is understand from somebody upfront, like in the first call, what is your ideal timeline? And the way we talk about that, I was like, look, You're obviously evaluating rippling. You've described these pain points up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Just assuming that you wave a magic wand and rippling literally solves every single one of those pain points that you have, what is your ideal timeline of when you'd like to be up and running in a new system? Just like if you could add everything, every box checked, your perfect scenario, what does that look like? And then when they tell you that, and look, a lot of buyers are honest about that.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Just assuming that you wave a magic wand and rippling literally solves every single one of those pain points that you have, what is your ideal timeline of when you'd like to be up and running in a new system? Just like if you could add everything, every box checked, your perfect scenario, what does that look like? And then when they tell you that, and look, a lot of buyers are honest about that.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Just assuming that you wave a magic wand and rippling literally solves every single one of those pain points that you have, what is your ideal timeline of when you'd like to be up and running in a new system? Just like if you could add everything, every box checked, your perfect scenario, what does that look like? And then when they tell you that, and look, a lot of buyers are honest about that.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Some buyers don't. Some buyers know that when they're upfront, they're like, I don't want to tell the salesperson that I want to move quickly. Then I lose some leverage in the negotiation. And so they'll be like, ah, this is next year, Q1 or whatever. But you got to find out from people, what are they looking to do and build some trust up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Some buyers don't. Some buyers know that when they're upfront, they're like, I don't want to tell the salesperson that I want to move quickly. Then I lose some leverage in the negotiation. And so they'll be like, ah, this is next year, Q1 or whatever. But you got to find out from people, what are they looking to do and build some trust up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

Some buyers don't. Some buyers know that when they're upfront, they're like, I don't want to tell the salesperson that I want to move quickly. Then I lose some leverage in the negotiation. And so they'll be like, ah, this is next year, Q1 or whatever. But you got to find out from people, what are they looking to do and build some trust up front.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

And then before you get to pricing, you have to make a little bit of pokes out there like, hey, if we can get some competitive pricing that's based on a timeline, this timeline we talked about, does that seem like something that you'd be interested in and get some buy-in from them? Because people do not sign contracts on the last day of the month.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

And then before you get to pricing, you have to make a little bit of pokes out there like, hey, if we can get some competitive pricing that's based on a timeline, this timeline we talked about, does that seem like something that you'd be interested in and get some buy-in from them? Because people do not sign contracts on the last day of the month.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

And then before you get to pricing, you have to make a little bit of pokes out there like, hey, if we can get some competitive pricing that's based on a timeline, this timeline we talked about, does that seem like something that you'd be interested in and get some buy-in from them? Because people do not sign contracts on the last day of the month.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

because they're worried that their discount is going to go away. That's absolute bullshit. If you ever bought software and it's the 31st of the month and someone's like, you have this quarter end discount, it's extremely unlikely that if you come back on the third or the fourth, they're going to be like, no, I won't give you that price. Certainly there might be a different price.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

because they're worried that their discount is going to go away. That's absolute bullshit. If you ever bought software and it's the 31st of the month and someone's like, you have this quarter end discount, it's extremely unlikely that if you come back on the third or the fourth, they're going to be like, no, I won't give you that price. Certainly there might be a different price.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20Sales: Rippling's CRO on Why Founders Should Not Create Sales Playbooks | Why Discounting is BS and How to Create Urgency in Deals | The Biggest Lessons on Pricing and How to Win the Pricing Game with Matt Plank

because they're worried that their discount is going to go away. That's absolute bullshit. If you ever bought software and it's the 31st of the month and someone's like, you have this quarter end discount, it's extremely unlikely that if you come back on the third or the fourth, they're going to be like, no, I won't give you that price. Certainly there might be a different price.